Gold Prices Soar Near $4,500 as US Yields Plunge

Global gold prices surged near $4,500 per ounce on Wednesday, marking a significant increase of over 3.5% in just four hours.

The sudden jump was triggered by the US Department of the Treasury's announcement to double its long-term debt buyback program from $2 billion to at least $4 billion.

This move led to a sharp decline in US government bond yields, making non-yielding precious metals more attractive and sparking aggressive institutional buying that pushed bullion prices up by over $150 per ounce within the four-hour window.

In Pakistan, local markets are expected to sharply increase domestic gold rates on Thursday morning, potentially leading to a rise of Rs 4,000 to Rs 7,000 per tola in 24K gold prices.